MM TAX CLUB

Amendments simplify provisions related to governance of Pension Funds in line with Companies Act, 2013; enhances disclosure by Pension Funds, and reduces compliance burden

The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023 on 05.02.2024 and 09.02.2024 respectively.

The amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO - NPS Trust.

Amendments to Pension Fund Regulations simplify the provisions related to governance of Pension Funds in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.

The other notable amendments inter alia include:

1. Clarity of roles of Sponsor of Pension Fund & Pension Fund alongwith compliance to ‘fit and proper person’ criteria.
2. Constitution of additional Board committees by Pension Funds such as Audit Committee and Nomination & Remuneration Committee.
3. Inclusion of name ‘Pension Fund’ in name clause and requirement of existing pension fund(s) to comply with this provisions within a period of 12 months.
4. The annual report of schemes managed by the pension fund to include Directors’ responsibility statement.

The amendments in key areas aim at simplification and reducing compliance. For detailed information on the amended regulations, please visit the PFRDA website:

In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part II, Section 3, subsection (i), vide number G.S.R. 83(E), dated 31st January, 2024:––

(i) at page number 148, in item 1, for the bracket, figures and words “(1) These rules may be called the Income-tax (Amendment) Rules, 2024.”, the bracket, figures and words “(1) These rules may be called the Income-tax (Second Amendment) Rules, 2024.” shall be substituted;

(ii) at page number 171, in Form ITR-2, in Schedule 80DD, a new column, “Amount (Rs.)” shall be inserted and accordingly, for the Schedule 80DD, the following schedule shall be substituted,

(iii) at page number 229, in Form ITR-3, in Schedule 80DD, a new column, “Amount (Rs.)” shall be inserted and accordingly, for the Schedule 80DD, the following schedule shall be substituted, namely: ––

(iv) at page number 230, in Form ITR-3, in Schedule 80U, a new column, “Amount (Rs.)” shall be inserted and accordingly, for the Schedule 80U, the following schedule shall be substituted, namely:––

(v) at page number 271, in Form ITR-5, in schedule CG, in row B, in sub-row (1), in item (d), for the figures, letters and symbols “54EC/54G/54GA”, the figures, letters and symbols “54D/54EC/54G/54GA” shall be substituted;

(vi) at page number 274, in Form ITR-5, in Schedule CG, in row B, in sub-row (10), in the table below item (a), in row (ii), for the figures, letters and symbols “54D/54G/54GA/54GB”, the figures, letters and symbols “54D/54G/54GA” shall be substituted.

F.No. P-12011/3/2022-ES Cell-DOR(Part-1) dated 20th February, 2024

In exercise of the powers conferred by provisos to sub-section (1) of section 11A of the Prevention of Money- laundering Act, 2002 (15 of 2003)(hereinafter referred to as the Money-laundering Act), the Central Government, on being satisfied that the reporting entities mentioned in the TABLE below comply with the standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016)(hereinafter referred to as the Aadhaar Act), and it is necessary and expedient to do so, and after consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar Act and the regulatory authority, namely, the Securities and Exchange Board of India, hereby notifies the reporting entities to perform authentication service under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act, namely:-

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Agricultural and Processed Food Products Export Development Authority (APEDA) in a significant move to bolster India's organic export sector has created a dedicated organic promotion division for the promotion of organic exports. This division is now serving as a focal point for coordinating efforts to amplify the country's organic export potential.

The agri-promotion body is working towards enhancing Uttarakhand's organic sector through a comprehensive strategy. APEDA’s plan focuses on enhancing farming practices, optimizing certification procedures, and identifying prime export products. The ultimate aim is to elevate Uttarakhand's profile as a significant player in the global organic market.

Building on Sikkim's pioneering status as India's first fully organic state, APEDA is formulating a strategic roadmap to diversify exports and fortify sustainable practices. Leveraging Sikkim's unique strengths in the organic realm, the promotion body’s plan aims to elevate its prominence on the international stage.

With successful initiatives underway in Uttarakhand and plans shaping up for Sikkim, APEDA’s vision extends to replicating these strategies in more states. By targeting regions with substantial organic farming potential, the body aspires to create a network of thriving organic export hubs across India.

Further, in an endeavour to bolster the accessibility of organic products in international markets, the National Programme for Organic Production (NPOP) is undergoing significant updates. The forthcoming revisions in NPOP guidelines aim to harmonize with prominent global regulations and standards, including the EU Regulation. This strategic realignment is crafted with a foresight into ongoing and prospective Mutual Recognition Agreements. A pivotal aspect of this overhaul involves the modernization of NPOP's IT infrastructure. The revamped IT system is poised to offer a more resilient oversight mechanism, particularly focusing on Certification Bodies and their certified operators. The revamped IT System envisages provisions for geo-tagging of farms and geo-location of inspection visits.